SHW · 10-Q · 2026Q1 · Full report
Capital Expenditures Trends
SHERWIN WILLIAMS CO · 2026-04-28 · Importance 64 · Surprise 42
Net property, plant and equipment increased $68.5 million in Q1 2026 and $542.5 million in the twelve months since March 31, 2025, driven by capital expenditures of $118.7 million in Q1 and $683.7 million over the twelve months. Capital spending included completion of the new global headquarters and technology center, manufacturing capacity expansion, operational efficiency projects and new/renovated Paint Stores Group locations. For 2026 the Company expects to spend less than 2025 and targets core capital expenditures of approximately 2% of Net sales to be funded primarily through operating cash generation. These capex trends materially affect PPE balances and cash flow planning.
Key facts
- In 2026 the Company expects to spend less than 2025 for capital expenditures and targets core capital expenditures to be approximately 2% of Net sales in 2026.
- Capital expenditures in the first three months of 2026: $118.7 million; capital expenditures since March 31, 2025: $683.7 million.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -0.5% | Capital expenditures in the first three months of 2026: $118.7 million; capital expenditures since March 31, 2025: $683.7 million. |
| cash | negative | probable | — | In 2026 the Company expects to spend less than 2025 for capital expenditures and targets core capital expenditures to be approximately 2%… |
| assets | positive | probable | — | In 2026 the Company expects to spend less than 2025 for capital expenditures and targets core capital expenditures to be approximately 2%… |